The Board of Directors

The balance of powers at L’Oréal in a Board of Directors that is independent, highly committed and vigilant.

Highly committed, independent, balanced in its composition and enriched with the diversity of its members, the Board of Directors determines the Company’s strategic orientations, ensuring and monitoring their implementation and overseeing the good management thereof. The organisation of L’Oréal’s Board of Directors is adapted to the Company’s specificities and constant progress is always sought: a stable and loyal shareholding structure, expertise that is solely focused on the beauty profession, the remarkable loyalty of its senior managers, who have a thorough knowledge of the business, and a progressive and steady international growth and solid economic and financial performances. This streamlined mode of governance, with expanded remits for board committees that are free to organise their work in preparing for the Board’s deliberations, simplifies decision-making in the beauty profession, where requirements in terms of innovation and adaptation are very exacting.

The quality of governance is underpinned by the extremely strong commitment of the board members of the company. The Board provides the General Management with invaluable support for strategic decision-making. The balance of power is ensured by the clear definition of each one’s remit.

Jean-Paul Agon Chairman and CEO of L’Oréal

Composition of the board of directors: a diverse board of directors striving to offer beauty for all

The Board of Directors comprises 15 members since July 15th 2014: the Chairman and Chief Executive Officer, five Directors appointed by the majority shareholders, three of whom are appointed by the Bettencourt Meyers family and two by Nestlé (the two Vice-Chairmen of the Board being chosen from among these members), seven independent Directors and two employee Board members. Out of a total of 13 directors (excluding employee Board members), five women have a seat on the Board, representing a proportion of female directors of 38,5 %.

The balance of power
The balance of powers on the Board is ensured through a very precise definition and sharing of the tasks to be carried out by everyone, with, on the one hand, the Chairman and CEO and, on the other, fourteen Directors who are independently-minded and free to exercise their judgement. All the Directors receive information on an ongoing basis and have suitable means, within the framework of a code of operation, with four well-structured, specialised committees and remits that have been added to since their creation: the Strategy and Sustainable Development Committee, the Audit Committee, the Human Resources and Remuneration Committee, and the Appointments and Governance Committee.

Well-informed, independent Directors
L’Oréal’s Board of Directors is informed on an ongoing basis of all the aspects of the state of the Company’s business and its performances by meeting a large number of senior managers and engaging in open and constructive dialogue with them. Beyond the presence of strongly committed Directors with complementary experience (financial, industrial or business expertise, etc.), some of whom carry the memory of the Company’s history, as they have longstanding in-depth knowledge of the Company and its environment, the Directors all attend meetings regularly and are vigilant. The Board carries out its work on a collective basis, in accordance with ethical principles and in compliance with the legal provisions, regulations and recommendations. The Board’s work is carried out and deliberations are made perfectly independently of the operational commitments by the General Management.

Jean-Paul Agon (1)

Age: 57. Chairman and CEO of L’Oréal, Board member since 2006, term of office renewed in 2014. Air Liquide Board member.

Jean-Pierre Meyers (2)(5)(6)

Age: 65. L’Oréal Board member since 1987, term of office renewed in 2012 and Vice-Chairman of the Board of Directors. Vice-Chairman of the Supervisory Board and Chief Executive Officer of the family-owned company Téthys. Nestlé SA (Switzerland) Board member.

Peter Brabeck-Letmathe (2)(5)(6)

Age: 69. Austrian. L’Oréal Board member since 1997, term of office renewed in 2013 and Vice-Chairman of the Board of Directors. Chairman of the Board of Directors of Nestlé. Vice-Chairman of the Board of Directors of Crédit Suisse Group (Switzerland). Chairman of the Board of Directors of Delta Topco Ltd (Jersey). Board member of Exxon Mobil (United States).

Ana Sofia Amaral

Françoise Bettencourt Meyers (2)

Age: 60. Daughter of Mrs. Bettencourt. L’Oréal Board member since 1997, term of office renewed in 2013. Chairwoman of the family-owned holding company Téthys. Chairwoman of the Bettencourt Schueller Foundation.

Charles-Henri Filippi (5)(6)(8)

Age: 61. L’Oréal Board member since 2007, term of office renewed in 2011. Former Chairman and CEO of HSBC France. Orange Board member. Supervisory Board member of Euris. Censor of Nexity. Chairman of Citigroup for France.

Xavier Fontanet (3)

Age: 65. L’Oréal Board member since 2002, term of office renewed in 2014. Former Chairman and CEO of Essilor. Member of the Supervisory Board of Schneider Electric.

Bélen Garijo

Age: 53. Spanish. L’Oréal Board member since April 2014. President and CEO of Merck Serono, pharmaceutical subsidiary of the German group Merck. Board member of BBVA (Spain).

Bernard Kasriel (2)(4)

Age: 67. L’Oréal Board member since 2004, term of office renewed in 2012. Former CEO of Lafarge. Board member of Arkema and of Nucor (United States).

Christiane Kuehne (8)

Age: 58. Swiss. L’Oréal Board member since April 2012. With Nestlé since 1977 and Head of the Food Strategic Business Unit.

Georges Liarokapis

Age: 51. French and Greek. L’Oréal Board member since July 15th 2014. Coordinator of Sustainability for L’Oréal Western Europe.

Jean-Victor Meyers (8)

Age: 27. Grandson of Mrs. Liliane Bettencourt. L’Oréal Board member since 2012. Member of the Supervisory Board of Téthys.

Virginie Morgon (8)

Age: 44. L’Oréal Board member since 2013. With Eurazeo since 2008, one of the first investment companies to be listed in Europe. Member of the Executive Board and Chief Investment Officer.

Annette Roux

Age: 71. L’Oréal Board member since 2007, term of office renewed in 2011. Chairman and CEO of Bénéteau from 1976 to 2005, Vice-Chairperson of the Supervisory Board since then.

Louis Schweitzer (2)(7)

Age: 71. L’Oréal Board member since 2005, term of office renewed in 2013. Chairman and CEO of Renault from 1992 to 2005 and Chairman of the Board of Directors until 2009. Vice-President of Veolia Environment. Member of the Consultative Board of Allianz AG (Germany) and Bosch (Germany).

Under the Articles of Association, L’Oréal's mandate for Board members is four years or less, renewable, to enable staggered terms of office. Each director holds at least 1,000 L’Oréal shares.

Marc Ladreit de Lacharrière

Age : 73. French. L’Oréal Board member since 1984, decided not to renew his term of office on occasion of the General Assembly that was held on April 17th 2014.

Paul Bulcke

Age: 59. Belgian. Managing Director of Nestlé. L’Oréal Board member since April 2012, resigned on July 8th 2014.